Guggenheim upgraded Snap (SNAP) to Buy from Neutral with a price target of $23, up from $9. Guggenheim expects overall digital advertising demand will accelerate in 2024, and that Snap’s revenue growth will outperform as demand drives industry-wide ad price increases and improved relative return for Snap’s ad units, the analyst tells investors in a research note. Guggenheim also expects Amazon Ads (AMZN) expanding ambitions and partnerships to bolster Snap’s advertising growth.
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